Iron ore price is approaching $ 60

The price of iron ore has been boosted by recent gains as hopes for a resurgence in Chinese infrastructure spending and growth in commodity markets have sprung up, improving the outlook for the industry.

The price of imported 62% Fe ore, including cargo insurance, at the Chinese port of Tianjin added 2.8 percent to climb to $ 58.50 a tonne, hitting a fresh 10-week high, according to data provided by SteelIndex. Iron ore is now trading 30 percent above the market's record lows of July 8, but remains nearly 18 percent lower since the start of the year.

62% Fe iron ore at Qingdao-Rizhao-Lianyungang ports in China gained 0.83 percent to just over $ 59 per tonne, while lower 58% Fe grades fell 1.4 percent to $ 51.78 per tonne.

In the futures markets, steel raw materials enjoyed success and recorded another strong trading day, adding 3.1 percent to the most active contract since January for delivery on the Dalian Exchange and hitting $ 64.30 a tonne after yesterday's 4 percent spike. In Singapore, December futures jumped another 2 percent.

The latest rise in iron ore prices was prompted by comments from China's finance ministry this week, which announced appropriate changes to its infrastructure spending policy, as well as accelerating tax reform to boost economic growth.

After declining Chinese imports by 14 percent to 74.12 million tons in August, imports since the beginning of the year stood at 613 million tons, just below record levels in 2014, according to customs data released last weekend.

However, the static data on trade came out against the backdrop of a steady decline in stocks in the main ports of the country. Inventories are now at end-2013 levels after falling 80.1 million tonnes this week. While a year ago they peaked at over 110 million tons.